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Rabat – The Casablanca stock market seems to have had a favorable reaction to this Wednesday’s election results.
The exchange’s market index has climbed, and the volume of trade is on a continuous increase.
The Casablanca Stock Exchange opened on a high note this Thursday, September 9, with MASI and MSI20 indexes up 1.44% and 1.64% respectively.
The volume of transactions accompanying the index rise reached MAD 149.86 million.
The effect of September 8th’s election is apparent, as the Moroccan stock market is showing favorable trends.
The PJD is widely considered bad for business by market professionals.
Moroccan financial markets have often accused the outgoing party of delaying reforms, misunderstanding them and being overly cautious regarding financial innovation.
The reform of the Securities Lending Act, which is ready and waiting to be published on the official bulletin, is a perfect example of this coagulation.
The stock market has likely reacted more to the defeat of the PJD than to the victory of the RNI.
The RNI has a much more pro-business approach to its electoral program. The current Minister of Economy and Finance, Mohamed Benchaaboun, is part of the RNI, and has proven to be a true supporter for the Moroccan financial sector.
The RNI won the legislative election with 102 seats. The PJD ended with only 13 seats.
